Ready to Sell Your North Tonawanda, New York Restaurant?

After years of hard work, you have decided to sell your North Tonawanda, New York restaurant

Contemplating opening a different eatery, relocating, or even retiring. Regardless of the reason, selling your North Tonawanda, New York restaurant can be a lot more challenging than you may realize. Thats because it takes careful preparation and a solid game plan to successfully get out with enough proceeds for all the sweat you may have put into it.

Necessary Actions to Take in Selling Your Restaurant

You can either think to hire a eatery broker to assist you in selling your North Tonawanda, New York restaurant or do the task yourself. Whether considering selling your North Tonawanda, New York restaurant on your own for the first time or with a restauarant broker, you should follow these steps.

#1 Put Together all Business Paperwork

This is a necessary initial step to make when you commence the process of selling your North Tonawanda, New York restaurant.

The required documents may vary from state to state--even in New York, but below is a list of a few standard documents you may find helpful to have at hand:

• Gather your assets
• Lease documentation
• Your licenses (e.g., liquor license, business license, etc.)
• Copies of health inspection documents
• Architectural plan
• Financial statements and other important financial documents

Corbett Restaurant Group comes with experience to assist you in the sale of your North Tonawanda, New York restaurant. Call today for a no-obligation business review at (888) 266-5182.

It's probably smart not to show all these documents to a potrntial buyer day one. However, you may want to have them at hand because you will eventually need them during the sales process.

Also, putting together these documents lets you view your North Tonawanda, New York restaurant through the lens of a buyer. It provides you a clear image of the North Tonawanda, New York restaurant you're selling. In addition, it allows you to show whether there are any concerns you will need to address.

#2 Get Your Financial Records in Order

Your financial documents are an important aspect of selling your North Tonawanda, New York restaurant. This is why you should strive to make your documents complete and well organized.

Showing your financial records to prospective buyers could aid clear any doubt they may have concerning your North Tonawanda, New York restaurant.

These financial records may include:

• Inventory of equipment and assets
• Profit and loss statements
• Tax records
• Cash transactions
• Bank statements

In addition, make sure you have hard copies of all of these records. This could make it easier for you to send the information to potential buyers.

Also, as a seller, you must disclose information such as debts, owed taxes, prospective repairs, etc. Failing to inform a buyer about these items may create legal problems for you if a buyer later discovers these liabilities post completing the deal.

#3 Organize the Details of Your Commercial Lease

While preparing to sell your North Tonawanda, New York restaurant, you need to understand of your commercial lease. It would be devestating if, after attracting a buyer, your lease prevents you from sealing the deal.

For this reason, it could be advisable to talk to your landlord regarding your plan to sell your North Tonawanda, New York restaurant and to possibly extend your lease.

#4 Get An Appraisal For Your Restaurant

Buyers and investors will most likely request an detailed evaluation of your financial records, whether favorable or not, this will help them evaluate the value of the North Tonawanda, New York restaurant.

It is therefore in your best interest to make sure that you augment sales and reduce expenses to build up your cash flow before trying to sell your North Tonawanda, New York restaurant.

The average time it takes to sell a North Tonawanda, New York restaurant is 6 months. Within those six months, there are many things you can do to strengthen your profit and reduce several costs, and thus increase the value of your North Tonawanda, New York restaurant.

Also, when it comes to your assets, you'll to understand the depreciation involved. Everything depreciates, so it’s a good idea to individually value your assets.

This may help you in estimating the probable worth of your North Tonawanda, New York restaurant. Understanding the overall value will help you settle on a selling price.

#5 Make Your Restaurant Look Awesome

The first impression of your North Tonawanda, New York restaurant can go a long way in helping you bring potential buyers. Conversely, if the general look of your North Tonawanda, New York restaurant does not look good to buyers, they might take a pass right off the bat.

To avoid this from happening, all things in and out of your North Tonawanda, New York restaurant must be clean. Manicured and a clean parking area could help create curb appeal for potential buyers.

Clean windows, polished handles and a presentable floor are also easy things that can help create a great initial impression.

Additionally, you should ensure that all your equipment is in satisfactory condition. If your equipment is not working, it might convey the message that you're hurried to pass a bad deal to the buyer.

Faulty equipment may rouse doubt about your financial status and output capabilities. It may even lower the morale of your employees, which in turn, negatively affect your productivity and effect your profit and loss statement.

You should appear credible in order to build the confidence of prospective buyers regarding purchasing your North Tonawanda, New York restaurant.

#7 Search for North Tonawanda Buyers

Looking for potential buyers can be time-consuming and often requires specialized skills and a certain level of experience. This may demand that you hire a professional North Tonawanda, New York restaurant broker to help. The professional North Tonawanda, New York restaurant broker will have recommendations for saving time for attracting more prospective buyers. However, if you make the decision to handle this task by yourself, you will need to carry out proper advertising. You can market your North Tonawanda, New York restaurant on listing websites and tell family and friends about your intentions to market for sale your North Tonawanda, New York restaurant.

As you will probably come across competition when trying to sell your North Tonawanda, New York restaurant, you need your restaurant to stand out.

#8 Be Prepared

If you decide to sell your North Tonawanda, New York restaurant yourself, or through a North Tonawanda, New York restaurant broker, you need to always be ready. Be ready to show your North Tonawanda, New York restaurant to potential buyers at all times.

You never know when a buyer could visit your North Tonawanda, New York restaurant. Some buyers might even come in as customers in order to carry out some research before contacting you.

#9 Sell Your North Tonawanda, New York Restaurant

This is the last action to take following a successful negotiation with a buyer. This stage includes the presentation of the important paperwork to complete the transaction. The documentation will likely start with the Asset Purchase Agreement.

You may need your attorney’s expertise in creating this document. Involving an attorney helps to ensure the Asset Purchase Agreement covers every aspect of the deal.

This document includes details such as the selling price of your North Tonawanda, New York restaurant, items and equipment as well as inventory value.

Choosing a North Tonawanda, New York Restaurant Broker

Although trying to sell your North Tonawanda, New York restaurant on your own can be an exhilarating endeavor, it can also be very risky, especially for first-timers.

It's true, if you're looking to get the most out of the business deal, you need a higher level of experience to stand above and against your cometitors while attempting to find buyers.

Experience is also vital during negotiations with potential buyers. This is where an experienced North Tonawanda, New York restaurant broker comes in. A North Tonawanda, New York restaurant broker has the resources, expertise and strategy required to easily take on the task of marketing for sale your North Tonawanda, New York restaurant. Additionally, a restaurant broker will liekly help you sell quicker and get you a higher sale value.

With the assistance of a North Tonawanda, New York restaurant broker, you can maintain your undivided attention on operating your North Tonawanda, New York restaurant and rest easy knowing that a professional is in charge of selling your North Tonawanda, New York restaurant.

Contact a North Tonawanda, New York Restaurant Broker

Choosing to sell your North Tonawanda, New York restaurant through a North Tonawanda, New York restaurant broker has many advantages. First, however, you need to select the best North Tonawanda, New York restaurant broker to assist you in selling your North Tonawanda, New York restaurant.

At Corbett Restaurant Brokers, we consider it our honor to represent you in the sale of your North Tonawanda, New York restaurant. And, we work harder than any other North Tonawanda broker to secure the best deal for your restaurant and at the highest sale value.

Contact Corbett Restaurant Group today and let us help you sell your North Tonawanda, New York restaurant for a great price.

North Tonawanda Zip Codes We Support: 14120